St. Petersburg-headquartered Webull completed its approximately $100 million acquisition of nearly all of Thai brokerage Pi Securities, paying $80 million in stock and about $20 million in cash.<\/p>\n
Webull acquired 99.36% of Pi in two transactions that closed Aug. 31, according to a registration statement filed Tuesday with the U.S. Securities and Exchange Commission. Most of the purchase came from Country Group Holdings, which received 7.09 million Webull Class A shares and another 2.36 million shares placed in escrow.<\/p>\n
Webull registered as many as 12.29 million shares for resale by Country Group, including additional shares that could be issued under the deal. The maximum represents approximately 2.7% of Webull\u2019s 456.6 million Class A shares outstanding, though some of those shares may never be issued.<\/p>\n
Country Group can sell the shares, although the purchase agreement limits its sales each day to 20% of Webull\u2019s total trading volume. The acquisition shares were valued at $8.4605 each. Webull closed Aug. 31 at $9.48, a $1.02 difference that the company said could encourage Country Group to sell even if the stock falls from that level.<\/p>\n
Webull had $653.2 million in cash and cash equivalents as of June 30, before the $20 million in acquisition payments. Yet it financed most of Pi with stock after spending approximately $11 million to repurchase and retire 1.82 million of its own shares under a $100 million buyback authorized in April.<\/p>\n
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